oh max kaiser welcome to the kaiser report markets finance rebel i've got to add lines for this past week tell me if you notice a similarity similar headline one congo rebels around central bank in goma. headline june goldman sachs takes over the bank of england notice a similarity about this m twenty three marconi m twenty three mark carney the news is not only repeating itself it rhymes. yes max i've got my rebel outfit on here and the first headline is congo rebel surround central banking goma congo rebels appeared to be looting the central bank in goma after refusing to withdraw from the city they captured last week and twenty three fighters surrounded the bank

early this afternoon and were seen loading white bags into cars that armed rebels looked nervous and ordered the guardian to leave the area they're looting the bank a un source said later another un source denied that there had been money in the bags insisting they were full of beans a lot of the central banks are collateralized by beings that's that's similar to the bank of england mark carney is going to be arriving to the bank of england in a few short months and he'll find that in the vaults of bags of beans and some of boris johnson's winks but other than that there's nothing to collateralize his bank so yes of course you've got incredible similarity central banks are being looted the rebels whether they're in africa or in england and the motive is the same of course there are being encounters at the central banks in the west so goldman sachs takes over the bank of england this is mark carney of course he is from goldman

sachs he was there for thirteen years and after that he was at the bank of canada and now he's at the bank of england now this headline comes with this map as you can see in the above map got government sack stretches from the tip of crete now to the windy wilds of thirst so scotland now you see all the goldman sachs alumni who are now running europe whether it's papa de most in greece or monti and italy but the one i want to point your attention to is mario draggy who is of course the head of the e.c.b. . but he was the chairman of the financial stability board from two thousand and nine to two thousand and eleven whereby he then gave the chairmanship to mark kearney now the financial stability board has been in the news lately because they are the ones that monitor the shadow banking system they're the ones that recently found we found six trillion extra that we didn't know existed before south now i'm on the mark carney won't be maintaining that position running that authority in the

financial stability authority as well as the bank angle and there's a clear conflict of interest there mervyn king was easing off on quantitative easing signalling that he would allow interest rates to resume their normal ised rates in the four and five percent which would force the economy to have to pay its way here in britain instead of relying on handouts and welfare from the bank of england and the city so naturally he had to go he had to walk the plank to bring in a dove mark carney who will introduce on orthodox central banking techniques more in the style of ben shyster bernanke which is horrible for the u.k. pound you think it's a poison chalice for mark carney either he raises interest rates to defend the pound of course causing a real estate crash or he goes down the path of allowing the pound to be debased

he's going to actually here's what i predict i predict marconi will well devalued the british pound by twenty five percent he's going to force a currency devaluation as part of these currency wars that's my prediction for marconi he will do the right thing by letting the economy. work through no natural interest rate rises no you'll do the wrong thing and devalue the british pound again you know he was part of the financial stability board up until i assume now and that's where the shadow banking system is so i think that it's something that we should look for because we know that a lot of the shadow banking has moved to london so i think it's something that they're worried about is something to look for for the future as this collapse goes on shuttle back and system relies on zero percent interest rate he's going to retain this conflict of interest he's going to retain a financial stability authority position that's a huge conflict so and you've got goldman as you pointed out stretching all across

europe all cross the world to create a new ice age and economic growth due to zero percent interest rates let's have the equivalent of you know below zero temperatures in the ecology bringing in the ice like conditions of no growth frozen and frozen due to these clipped oh maybe acts like marconi of course one cannot really continue talking about such an important new appointment to the head of the bank of england without talking to the taxi driver to find out what the man on the street thinks about mark carney being appointed to the head of the bank of england be afraid be really really a fright. george osborne has named the next governor to frank giving them our. mark carney the head to have given them have given a man who worked for goldman sachs for. access said a printing press of the british pounds can you imagine he'll be there all he'll be

divinia out with a bang and well there'll be more quantitative easing. for the banks they told you this isn't going to change anything this isn't about reining in the banks this isn't about restructuring the banks this is about. so the artist taxidriver there was recognizing that not only would have more quantitative easing but we're also going to have less regulation but the mainstream media is saying like mark carney it's great because the canadian economy is so great because of course their housing bubble has not collapsed the latest statistics show that vancouver for example is the second least affordable housing market on earth after hong kong so once that burst of course let's see if his reputation does the same thing as well alan greenspan says that is because right now they're saying he's as good as alan greenspan was during his heyday but let's look at what the bankers themselves think because that's the most important thing we're bankers hate somebody like paul volcker who took them on let's see how the bankers feel about mark carney whether

or not he's really tough or not on regulation mark carney a significant positive for banks says analyst in a note to clients u.b.s. said the surprise decision to hire mark carney was a significant positive turn for both the economy and the banks u.b.s. said it did not expect mr cornered to be as tough on lenders as his predecessor predicting an end to what it called an increasingly challenging u.k. regulatory agenda well it's appropriate as they must tony because he's overseeing a circus freak show of central bankers having their way. in the derivatives market the shadow banking system creating all kinds of contortionists out there in the central banking land and half naked ladies and in this case of mark carney he's in the math i'm out for date of banking because he wants both higher interest rates and looser monetary policy is a financial i'm afeard i you know they should put him in

a. bill work perfectly and the city freak show one thread in the street there's mark carney and the bearded him aphrodite he wants higher rates and looser monetary policy welcome to the freak show mark carney where we've got your number i don't have a flag on this show every single way because that's what we do bad guys welcome to the freak show mark carney. well. you know in goma the m twenty three had a press conference so here the rebels had a press conference issuing their demands and this is exactly what we're seeing here is the goldman sachs and j.p. morgan keep on holding these audacious press conferences issuing their demands to the population that is the true you know population and voting population in the the solvent nation goma central bank gets it they hold press conferences they have a feeling just collateral they make go all kinds of pontifications and lordy lord li statements are welcome not just not down there in goma you know standing up for

the central bankers in africa for their ability to be independent you know i mean this is the cross the pedal rama the penn central banking nightmare that is the global central banking system here's mark carney he's been brought to the bank of england from the bank of canada now in my eyes me of last year this is the last time i really heard his name in the news when that was september two thousand and eleven when jamie diamon tirade against this man calling him anti-american for his anti-american rules of basle three that there's no way americans are going to institute these regulations about capital requirements so you want to see about this sort of rebel style press conference who wins in the end headline from only two days ago europe to push for basil three to lay as it lobbies u.s. europe aspersion to follow the united states and delaying the introduction of stricter rules on bank capital while lobbies for rethink of the u.s. stance according to reports so these battle through your climates of higher capital

requirements for the banks so they don't have any but they're supposed to come into effect january first two thousand and thirteen but the u.s. has said we're not going to do it so now europe isn't going to do it and the amazing thing about this basil to me story is that the central banks want the commercial banks to buy more more swaps with the central banks. but the only way they can do that is if they allow government paper to be revised upwards in terms of its percentage on the central on the commercial banks balance sheet to give them the ability to use it as collateral to take on more debt from the central bank so the battle three actually gives the sanction the commercial banks a greater ability to bail out the central banks and of course are now sitting on tens and hundreds of trillions of dollars of the toxic debt so not again it's not a method i call saying it's to push me pull you from dr doolittle it's going in two directions at the same time the fact is these battle three requirements are just a joke that they were ever even a public dispute over this because as we saw the global shadow banking system is

totally on collateralized and it's all the interest rate swaps it's all the derivatives it's all the mortgage backed securities so there was never any threat to having to actually abide by any capital requirements and i think that's why they put somebody like mark carney and mario draghi in to the heads of two important central banks in the area where all that shadow banking has moved because they have proven themselves to see no evil hear no evil and do well they do evil don't they oh the people who are suffering austerity are the ones absorbing the brunt of the him out for di banking sexual financial terrorist proclivities of the x. goldman sachs bankers that are now ruling the wall and finally i want to do a quick headline here about jamie diamond follow up on him diamond best to lead treasury in crisis buffett says so warren buffett was on the charlie rose show where all of these new world order is go to announce what their plans are and he's saying jamie dimon head of j.p. morgan chase is the best man to head the treasury once timothy geithner goes

because he says quote if we did run into problems in markets i think he would actually be the best person you could have in the job world leaders would have confidence in him so my question to warren buffett is what about world populations would they have faith in jamie diamond what about the population of jefferson county alabama what about the population of casino italy all wiped out by this man's derivatives and. toxic waste well like warren buffett leffert a friend charlie monger but it just got to suck it up. all right stacy ever thanks so much for being on the kaiser report i thank you stay tuned for the second. talking strike debt with andrew ross.

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russia. welcome back to the kaiser report imax keyser time now to go to new york and speak with andrew ross of strike the debt rolling jubilee campaign andrew is a professor of social and cultural and malices at n.y.u. he's a contributor to the new york times the nation newsweek and the village voice and the author of many books including nice work if you can get it and life and labor in precarious times andrew welcome to the kaiser report thanks for having me on max all right andrew ross first tell us about the rolling jubilee how did it start what is the motive and who's debt is being stricken the rolling job really is a very very simple idea we raise money we buy distressed debt on the debt market second grade the market and instead of collecting on the debt the way that

collection agents through we simply abolish the debt and we write to the debtors in question and we tell them that they are off the hook it's been a phenomenally successful campaign so far in the last two weeks or so we've raised almost four hundred fifty thousand dollars and what that means is we can abolish nine million dollars worth of debt right it's really a fantastic idea and at the same time you have let's say people like paul saying or who is trying to do something similarly but in a little in the way he's trying to buy argentinian debt for pennies on the dollar and then hammer the argentinean government to pay one hundred cents on the dollar so you're really the reverse vulture capitalist you're an angel capitalist you're buying this debt for pennies on the dollar and this just retiring their debt correct i like the way you put them x. that's almost exactly right we also think we're performing an act of magic by

abolishing the debt in the same way that a lot of banks create money. by an act of magic almost creating money is interest bearing and profiting from the results the fact is a lot of people especially debtors who are being hounded by collection agencies to within an inch of their lives don't realize how cheaply the collection agents have bought for i mean literally for pennies on the dollar and yet they are allowed to extract the full amount plus many additional fees piled on top of that in addition most don't know the banks when they discharge these that they charge them off their accounts and they take a big tax break which is another kind of bail out and then there are allowed to sell the debts on this very shadowy debt market most debtors are not on aware of that and one of the great successes of the campaign really is that it's a public education campaign more and more people are beginning to realize how the

system works in frankly very predatory ways as a result of our campaign so dead in many cases is foisted upon individuals or mortgage holders or entire countries using very dubious sales tactics or just outright debt cram downs we see this in many countries and then in the cases where debts cannot be paid the collection of those debts is passed off to a debt collection agency as you point out for pennies on the dollar the debt collection agency buys those debts those accounts are seeing a ball in the hope that they can get enough people to pay off their debt get a miser cost of buying those debts and we have a situation where debt is the currency of financial repression financial zero pression and the leverage working for the creditors is on their side but

you've turned it completely around you saying the leverage is actually for the creditors by simply retiring the debt. raised four hundred fifty thousand dollars or so you start over nine million it is this something that's going to appear on crowd funding platforms of some people can go to indie go go or they can go to. a kickstarter or pirate my film which is my crowdfunding site in raise money as somebody who's doing a part of my phone right now to retire debt every thought of that is or is not already happening really the response is being completely phenomenal we've had thousands of messages from people who've really been touched in a very deep boy just lifted just at the prospect of something like this happening because and it's an example of mutual aid and practice people helping each other out. on a very elementary basis but it happens so rarely especially when it comes to financial matters so the response has been phenomenal and some people have even sent us

a dollar many people have sent as just a dollar because they're broke basically with they couldn't not send something because their spirits had been so uplifted by this. we color so strong because we're interested in strikes against the system and that can take many many different forms and the rolling jubilee is just one of those we have other projects that we do and are working on. this is a limited strike against the system where we're not in any way deluded that that it can bring down any system in and of itself to do that would require much more of a critical mass and also alternatives any mass cancellation of also requires a restructuring of the system and the economic system in general all along more progressive lines that are there are not for profit but andrew ross what is remarkable here is the economies of scale of what you're doing and the leverage of

what you're doing as you point out for every dollar you retire it impacts ten fifteen twenty times that amount face value in debt so the let me get to a point that is being made folks are saying that well what you're doing is you're encouraging people to get into debt by forgiving their debt and you are perpetuating the debt cycle your thought we're intervening in the cycle in very strategic ways we don't think we're helping people get into debt we're helping people a lot of people are very desperate people are the end of their tether basically. and they'll be many hundreds of elated debtors. who are receive letters very soon from us telling them that they're off the hook mostly for medical debt because that's what we've been buying initially. these are people who for one reason or another have just been unable to pay their medical bills. i and my colleagues in

the strike don't see this as a way of encouraging people to go further into debt especially those suffering from from illnesses a. and because of the american lack of coverage in this country for health insurance in general is very difficult for people to meet their medical bills so we don't really take that critique very very seriously what we've been more energized by is the response the ideas that are rolling in ideas for even more ingenious tactics for intervening in the system which we're very interested in and are trying to process and share with other people our next step really is to build a national network of straight debt affiliates there are many straight groups beginning to spring up in cities all across the country and we also have international ties with groups in europe that are fighting against sovereign. and once we have a national network in place then we're able to have conversations about how to

scale some of these ideas up all right now andrew ross you're also the occupy wall street to strike today were also involved with the black friday strike against wal-mart how did that action go was there any sign that the stampeding shoppers noticed what was going on well the black friday walmart strikes is probably shaping up to be the biggest labor story of the year over here it's again it's an incredibly phenomenal success so far and it looks as if it's going to escalate much further. one of the things that there are two things that have made it so successful one is that the wal-mart workers have their own organization called our wal-mart organization united for respect for wal-mart workers they feel is their own organization and it's not an external union coming in and trying to organize them although the united food and commercial workers union is working very closely

with them. but this is their own their own organization and they responded very positively to that where other other efforts have failed to unionize wal-mart the second thing which is very important is they have so many community allies women's groups immigrant groups labor groups i'll keep groups all came on black friday and have been supportive through it and are going to continue coming out in support of these low income workers who are some of the most vulnerable workers in in the national workforce and internationally also of course given the scope of wal-mart the largest employer in the world so these are two factors i think that are very very important and. very well for the escalation of the campaign and the prospect of successful outcomes going forward andrew ross you think the shopper . on black friday i understand the interconnectivity of abuse the fact that

the bangladesh workers in the garment factory making the clothes that they were buying on black friday died tragically in a fire trying to rush out an order so that people could trample each other on black friday to get those slave made goods to people in walmart the shoppers to the understand the connection there i think certainly some of them do. many of them are of our low income or from low income families themselves they're part of the community from which wal-mart draws its workforce there's a lot of public education going on as part of the wal-mart workers campaign everyone knows about the international sourcing that said there's a lot of denial about it in this country and understandably because that's the reason the international sourcing is the reason why goods are so cheap on the shelves of wal-mart. but ultimately this will be an international campaign there

are some wal-mart unions in canada there are some wal-mart unions even in china. the u.s. is being major point of resistance for unionize ation wal-mart and it looks as if the toy that shifting at this point all right one more question before i do i just want to emphasize to watchers of the show fans of the kaiser report strike that debt is a fantastic global campaign where the economies of scale are being tipped in favor of those fighting against the bankers and the terrorist financial terrorists and if anyone can support this campaign please look up on the web strike that debt and get that his numbers up too many many many times and they already are because this is one of the most brilliant campaigns i've seen over the past three years now finally andrew ross you write about life and work and precious times or as you say precarious times most of the job. laws during the financial crisis were well paid

with benefits while most jobs gained during the so-called recovery have been the low paid and precarious sort if you speak on that we have about thirty seconds just one correction max is called straight so strike that dot org if your viewers want to go and visit our website ok and yes i absolutely absolutely welcome my question it may take longer to answer than twenty seconds but again i think the pattern that we've seen is very much in keeping is in an alignment with the same pattern a redistribution of wealth that we've seen on our economy in the last thirty years every new wave of economic activity or loss of economic activity is reinforcing the redistribution of wealth words to that famous or infamous one percent all right andrew ross that's all the time we have from strike debt dot org thanks so much for being on the kaiser report my pleasure max thanks all right and that's going to do

it for this edition of the kaiser report with me max kaiser and stacy herbert and we thank my guest andrew ross from strike debt dot org you must go there participate the best thing i've seen in years if you want to say me an email please do so a kaiser reported r t r u until next time max kaiser saying. today . these are the images. from the streets of canada.

the great russian laureates. prevailing over hazards and aspire. to reenact an epic parade through paris. a complete triumph. with people's admiration for two hundred zero. zero zero zero zero zero. zero zero .